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Moscow City Telephone	July 31, 2001
On 25 July 2001 a meeting of the Open Joint-Stock Company "Moscow City Telephone Network" (OJSC MGTS) Board of Directors was held where a decision to issue interest documentary bonds was taken Share

OJSC MGTS will issue the bearer interest documentary bonds in the amount of One Million (1 000 000) pieces at par value of One Thousand (1000) rubles in the sum total of One Billion (1,000, 000,000) rubles with a One Thousand Ninety-Five (1095) days' circulation. The placing of the bonds will be made by public subscription in the ZAO "MMVB" stock market sector (ZAO "MMVB" - Closed Joint-Stock Company "Moscow Interbank Exchange"). The banking syndicate comprising JSCB "Trust and Investment Bank" and JSCB "Moscow Bank for Reconstruction and Development" are appointed the Company's bonds issuing and placing agent (JSCCB: Joint-Stock Commercial Bank) The JSCB "Moscow Bank for Reconstruction and Development" is nominated the market maker and paying agent with respect to the issued documentary bonds.